Huge Geriatric Pool Drives Global Vitamin Supplements Market
Published On : Nov 13, 2015
Several medical practitioners prescribe vitamins supplements to athletes, pregnant women, children, diabetics, and men in their mid-life to improve the quality of life that can support and promote a fitter body for a better lifespan. Vitamin supplements help the function of the nervous system and help maintain energy levels, replenish antioxidants, build immunity, prevent cardiovascular conditions, maintain healthy weight, and promote bone strengthening. Owing to these reasons, the global vitamin supplements market is one of the fastest growing ones in the world.
Rising Geriatric Population Propels Global Vitamin Supplements Market
The relentless growth of the global vitamin supplement market can be credited to the growing awareness amongst consumers about prevention of diseases and living a better quality of life. As the aging population seeks to live a better life by combatting loss of appetite and vitamin deficiencies, they are driving the vitamin supplement market with their needs.
Vitamin D is a commonly consumed supplement, especially in Asia, as the geriatric population in this region has been suffering from vitamin D deficiency due to insufficient exposure to sunlight. Furthermore, the global vitamin supplements market has also been experiencing a boom due to the growing incidence of diseases such as osteomalacia, night blindness, digestive disorders, and other vitamin deficiency diseases. The increasing expenditure on healthcare, growing interest in wellness, and improving diagnostics are also helping the global vitamins market post strong growth rates.
Asia Pacific to Lead Global Vitamin Supplements Market
The global vitamin supplements market is segmented on the basis of product type, end user, application, and geography. The products sold in the global vitamin supplements market are vitamin B, vitamin C, multivitamins, vitamin D, and others. The end users of vitamin supplements are senior citizens, adult men, adult women, and others. These supplements are used in making pharmaceuticals, food and beverages, personal care products, and others. Geographically, the global vitamin supplements market is divided into Asia Pacific, Europe, North America, and Rest of the World.
Amongst these regions, Asia Pacific held a market share of 30.7% in the global vitamin supplements market in 2013. Asia Pacific was followed by Europe, which had a 27.4% market share, and North America, which accounted for 24.8% of the market. Analysts predict that Asia Pacific will grow at a CAGR of 6.10% from 2012 to 2020. This robust growth rate will be fueled by the growing demand for vitamins supplements amongst the elderly population in China and India. Meanwhile, during the same timeframe, North America’s market share will plummet to 22.7% and Europe’s to 26.2%.
The important players in the global vitamin supplement market are Bayer AG, Glanbia plc, NBTY, Inc., Reckitt Benckiser Group plc, E.I. du Pont de Nemours and Company (DuPont), Archer Daniels Midland Company (ADM), Koninklijke DSM N.V., Pharmavite LLC, Integrated BioPharma, Inc., Herbalife International, Inc, and Nutraceutical Corporation. Out of these market players, NBTY led the market in 2014. This company has achieved success with a score of brands such as Nature’s Bounty, Osteo Bi-Flex, Sundown Naturals, Solgar, and Puritan. With a wide range of products, NBTY appeals to a large consumer pool, thus earning the topmost position in the global vitamin supplement market.
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